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Personal property tax deduction on cars - Do I place this in the section that says "personal property tax paid on boats and planes"?Thank you!

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Premier Online

Best answer by MargaretL

Yes, personal property tax section is for cars, planes, motorcycles, boats, RVs, mobile homes or any movable assets.

Data entry:

Federal Taxes
Deductions Credits
Cars and Other Things You Own
Personal Property Taxes

Note: You can deduct state and local tax that you pay for your personal property (such as boats, cars, airplanes and mobile homes). The taxes:

must be assessed on annual basis and
must be based on the value of your car (or other personal property), and
must be charged on an annual basis (even if collected differently)

MargaretLAnswer

Employee

Yes, personal property tax section is for cars, planes, motorcycles, boats, RVs, mobile homes or any movable assets.

Data entry:

Federal Taxes
Deductions Credits
Cars and Other Things You Own
Personal Property Taxes

Note: You can deduct state and local tax that you pay for your personal property (such as boats, cars, airplanes and mobile homes). The taxes:

must be assessed on annual basis and
must be based on the value of your car (or other personal property), and
must be charged on an annual basis (even if collected differently)

M

mjsharpe368

Because TurboTax hides the vehicle excise tax deduction away in a section pertaining to boats and planes, I have missed this deduction for several years! Like most people, I own neither a boat nor a plane, so I didn't bother to visit this section at all. I do, however, like most people, own a car. It sure would have been nice if the software that promised to maximize my deductions had informed me reasonably of this (nearly universally applicable) deduction. I am not a tax preparation expert; I was relying on TurboTax to guide me as it claimed it would. Instead, it literally cost me hundreds of dollars in missed deductions. I am beyond frustrated right now.